SEBI modifies norms to appoint internal auditors
Posted Date : 24-Apr-2011 , 08:38:48 am | Posted By CASANSAAR
SEBI has modified the norms for appointment of its internal auditor, a move that enabled the capital market regulator to retain chartered accountants firm Chokshi & Chokshi for two more years.The decision to give a two-year extension to the firm was taken at the last Board meeting of the Securit...
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Auditing |
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Cos not to pay stamp duty on increased capital: HC
Posted Date : 24-Apr-2011 , 08:36:59 am | Posted By CASANSAAR
The Delhi High Court has held that a company is not required to pay the stamp duty on the increased amount of its authorised share capital.A bench headed by Justice S Muralidhar said this while allowing the plea of S E Investments Ltd, which challenged the direction of the Registrar of Companies (RO...
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Corporate Law |
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1 | Hits : 1546
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SEBI to establish toll free helpline for investors
Posted Date : 24-Apr-2011 , 08:35:26 am | Posted By CASANSAAR
To resolve investors' grievances and spread financial literacy, market regulator SEBI will set up a toll free helpline to respond to queries of investors and help track the status of their complaints.The investors, according a strategic action plan approved by the SEBI Board earlier, will be able to...
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SEBI |
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0 | Hits : 723
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Sri Sathya Sai Baba dies in Puttaparthi
Posted Date : 23-Apr-2011 , 11:58:38 pm | Posted By CASANSAAR
Spiritual leader Sri Sathya Sai Baba died at the Sathya Sai super speciality hospital at Puttaparthi in Andhra Pradesh's Anantapur district today. The 84-year-old was admitted to hospital on March 28 with breathing and heart problems. Early on Thursday morning, doctors had said his condition wa...
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General |
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File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Posted Date : 21-Apr-2011 , 09:28:37 pm | Posted By CASANSAAR
Rule 7C Prescribe the Penalty which Assessee has to Pay if there is delay in filing of service Tax Return.
Where the return prescribed under rule 7 is furnished after the date prescribed for submission of such return, the person liable to furnish the said return shall pay to the credit of the Centr...
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Service Tax |
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13 | Hits : 12349
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Madras HC rejects Vodafone plea against Essar Tele, India Securities merger
Posted Date : 21-Apr-2011 , 09:25:10 pm | Posted By CASANSAAR
In a set back to British telecom giant Vodafone, the Madras High Court today said that the foreign firm has no locus standi to oppose the amalgamation of Essar Telecommunications Holding with India Securities. The Court had earlier reserved its order on whether UK-based telecom firm Vodafone has loc...
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Finance |
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0 | Hits : 806
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ICAI prepares draft accounting standards for political parties
Posted Date : 21-Apr-2011 , 09:02:51 pm | Posted By CASANSAAR
Accounting regulator Institute of Chartered Accountants of India today said it has prepared draft accounting standards for political parties on a request from the Election Commission. "The council has approved uniform financial statement and accounting and auditing framework for political parties," ...
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ICAI |
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I-T seizes Rs 28 cr in states in poll bound states: CBDT
Posted Date : 21-Apr-2011 , 08:59:29 pm | Posted By CASANSAAR
Income Tax Department on Thursday said it has until now detected tax evasion to the tune of Rs 85 crore and seized Rs 28 crore unaccounted cash from individuals in the poll bound states. "The maximum cash -- Rs 17.5 crore was seized from Tamil Nadu and (Union Territory of) Puducherry," a CBDT offica...
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Income Tax |
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0 | Hits : 707
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Govt withdraws 10 pc excise duty on jute products
Posted Date : 21-Apr-2011 , 11:06:04 am | Posted By CASANSAAR
The Finance Ministry today withdrew the 10 per cent excise duty levied on jute products in March this year."The ministry in a corrigendum to the March 24, 2011 notification maintained the exemption of excise duty on the jute products except laminated jute bags," an official source said here today."W...
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Excise |
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0 | Hits : 1224
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Companies Bill to be taken up in Monsoon Session
Posted Date : 21-Apr-2011 , 11:03:24 am | Posted By CASANSAAR
The new Companies Bill that seeks to replace a 50-year-old Act, will come up for consideration and passage in the Monsoon session of Parliament."The Companies Bill will come in for discussion in Parliament in the Monsoon Session," Corporate Affairs Minister Murli Deora told reporters on the si...
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Corporate Law |
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1 | Hits : 809
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SC cancels bails of PwC partner Gopalakrishnan
Posted Date : 21-Apr-2011 , 11:02:30 am | Posted By CASANSAAR
The Supreme Court today cancelled the bails granted to Price Waterhouse partner Subramani Gopalakrishnan and Satyam's internal auditor V S Prabhakar Gupta, directing them to surrender by April 30.A bench comprising Justice P Sathasivam and Justice B S Chauhan cancelled their bail and directed them t...
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Category :
Auditing |
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0 | Hits : 924
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Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
Posted Date : 21-Apr-2011 , 06:13:05 am | Posted By CASANSAAR
The Council of the Institute, based on the recommendation of the Examination Committee has decided to allow 15-minute reading and planning time allowance to the candidates in the Chartered Accountants Examinations before the scheduled commencement of the examinations i.e, if the examinatio...
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Students Zone |
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2 | Hits : 804
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No service tax on visa facilitators: CBEC
Posted Date : 20-Apr-2011 , 11:21:17 am | Posted By CASANSAAR
The Finance Ministry today said the assistance provided by visa facilitators to applicants does not come under the purview of service tax."Visa facilitators, while providing visa assistance directly to individuals do not act on behalf of the embassies as agents of the principal and hence service tax...
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Service Tax |
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1 | Hits : 819
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Govt to deploy officials in tax havens to check evasion
Posted Date : 20-Apr-2011 , 11:20:15 am | Posted By CASANSAAR
The income tax department will soon post 10 of its officers in tax haven nations to collect information about alleged tax evasion by Indians from these countries, an official in the finance ministry said.Concerns have been raised in the recent past over suspicion of round tripping or routing of Indi...
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Category :
Income Tax |
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0 | Hits : 665
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Govt committed to FDI policy in retail: Scindia
Posted Date : 20-Apr-2011 , 11:19:25 am | Posted By CASANSAAR
The government today said it is committed to come out with a policy on FDI in retail but foreign investment must be linked with the development of back-end facilities."The policy we come out with must involve back-end to front-end linkages in terms of capacity augmentation and investment," Minister ...
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Finance |
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FinMin, industry to discuss Takeover Code tomm
Posted Date : 20-Apr-2011 , 11:18:46 am | Posted By CASANSAAR
Finance Ministry is likely to finalise the proposed changes in the takeover code on mergers and acquisitions after a meeting with industry and other stakeholders tomorrow.The Takeover Regulations Advisory Committee chaired by Chief Economic Advisor Kaushik Basu will discuss the amendments in the cod...
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Finance |
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0 | Hits : 709
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Govt cannot ban exports with retrospective effect
Posted Date : 20-Apr-2011 , 11:16:48 am | Posted By CASANSAAR
In a significant order, the Bombay High Court has held that the Union Government cannot ban exports of any product with retrospective effect, while allowing a private company to go ahead with exports of milk powder.It also said that such restriction cannot be applied to concluded contracts where let...
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General |
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0 | Hits : 741
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FinMin, industry to discuss Takeover Code tomm
Posted Date : 20-Apr-2011 , 10:52:09 am | Posted By CASANSAAR
Finance Ministry is likely to finalise the proposed changes in the takeover code on mergers and acquisitions after a meeting with industry and other stakeholders tomorrow.
The Takeover Regulations Advisory Committee chaired by Chief Economic Advisor Kaushik Basu will discuss the amendments in the c...
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Finance |
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0 | Hits : 719
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2G case: Five corporate honchos arrested, sent to Tihar Jail
Posted Date : 20-Apr-2011 , 06:36:05 am | Posted By CASANSAAR
Five corporate executives, named as accused by the Central Bureau of Investigation in the 2G scam, were today arrested and taken to Tihar Jail after a Delhi court rejected their bail pleas, saying the agency’s apprehensions that they may tamper with evidence and influence witnesses cannot be r...
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General |
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0 | Hits : 813
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2G scam: DB Realty, Unitech, Reliance Comm fall as court rejects bail pleas
Posted Date : 20-Apr-2011 , 06:31:09 am | Posted By CASANSAAR
A Delhi court on Wednesday rejected the bail plea of five corporate honchos including promoter of Etisalat DB, Sanjay Chandra, in connection with the 2G spectrum case.
The order came on the bail applications of Swan Telecom Director Vinod Goenka, Unitech MD Sanjay Chandra, and three top officials o...
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General |
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0 | Hits : 700
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SEBI to set up forensic accounting cell for checking fraud
Posted Date : 19-Apr-2011 , 08:30:57 pm | Posted By CASANSAAR
Security Exchange Board of India (SEBI) will soon set up a forensic accounting cell to identify any bungling in the books and regulatory filings of listed firms and market entities.
The market watchdog would also churn out new investigative methods with an aim to catch fraudsters early in their sin...
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SEBI |
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0 | Hits : 1116
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Status of Quarterly TDS/TCS Statement now available by SMS
Posted Date : 19-Apr-2011 , 08:23:42 pm | Posted By CASANSAAR
NSDL is pleased to announce that henceforth, NSDL will send SMS for each quarterly TDS/TCS statement processed at TIN. You just need to quote correct latest mobile number in the quarterly TDS/TCS statement. Status as below is provided in the SMS:
Accepted: This status is provided if the s...
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Category :
Income Tax |
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0 | Hits : 1316
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New direct tax targets should be up by 20% YoY: CBDT
Posted Date : 19-Apr-2011 , 11:11:19 am | Posted By CASANSAAR
Recently, the Income Tax Department detected tax evasion to the tune of Rs 50-60 crore. As per the latest updates, the Central Board of Direct Taxes (CBDT) has said that tax evasion done by corporates is becoming more sophisticated.
CBDT has also lauded the Mumbai IT department on April 19,...
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Category :
Income Tax |
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0 | Hits : 592
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Indian companies get a 15-% net return on employees: PwC report news
Posted Date : 19-Apr-2011 , 08:42:40 am | Posted By CASANSAAR
Indian firms on an average make a net profit of Rs15 on every Rs100 spent on an employee while they make a gross profit of Rs25 on each Rs100 earned by an employee, according to a report by Pricewaterhouse Cooper's (PwC).
The PwC report, which tries to measure the effectiveness of human cap...
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General |
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0 | Hits : 694
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Sathya Sai Baba in critical condition
Posted Date : 19-Apr-2011 , 08:40:19 am | Posted By CASANSAAR
Sathya Sai Baba, who has been undergoing treatment for multi-organ dysfunction, continues to be in a critical condition, doctors attending on him said today.
“His vital systems including liver are showing minimal response to treatment, which is a cause of worry to the treating doctors...
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Income Tax |
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0 | Hits : 638
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SBI hikes lending rates by 0.25%
Posted Date : 19-Apr-2011 , 08:31:45 am | Posted By CASANSAAR
Country's largest bank SBI on Tuesday announced a hike in its base rate by 25 basis points, making home and auto loans from the lender dearer.
The lender also increased its benchmark lending rate by the same margin which would mean the existing borrowers also have to pay more for their loans.
The ...
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Finance |
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0 | Hits : 673
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File e-returns, get income-tax refunds in a month
Posted Date : 18-Apr-2011 , 08:27:40 pm | Posted By CASANSAAR
To speed up refunds and encourage electronic filing of tax returns, the Central Board of Direct Taxes has promised expeditious refunds.
As on December 31, 2010, there were about 40 lakh refund cases pending with the tax department. Last year, a Comptroller and...
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Category :
Income Tax |
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0 | Hits : 1993
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SEBI semay allow sovereign funds to invest more
Posted Date : 18-Apr-2011 , 08:24:19 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) is considering making changes to the takeover and foreign institutional investor (FII) regulations which would allow select sovereign wealth funds to invest beyond the current threshold limit of 10%.
This is being done to make the regulation...
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SEBI |
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0 | Hits : 665
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CAG blames PMO for not acting against Kalmadi
Posted Date : 18-Apr-2011 , 08:21:59 pm | Posted By CASANSAAR
There could be more trouble in the offing for the Prime Minister’s Office on assorted corruption charges. The final report of the Comptroller and Auditor General into the Commonwealth Games has laid the blame for continuing with Suresh Kalmadi as the chief of the CWG Organising Committee on th...
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CAG |
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1 | Hits : 838
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Finmin for re-negotiation of tax treaty with Mauritius
Posted Date : 18-Apr-2011 , 08:19:34 pm | Posted By CASANSAAR
The Finance Ministry favours re-negotiation of the tax treaty with Mauritius so that India could have access to banking details, besides tax-related information.
With a view to prevent generation of black money and stop re-routing of funds through Mauritius, the Finance Ministry has recently asked ...
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Finance |
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0 | Hits : 736
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